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Bauxite prices set to surge, Alufer predicts
April 30, 2012 - 10:26 GMT
The price of bauxite, the raw material for aluminium, is set to surge as the market undergoes a similar journey to that of iron ore, according to bauxite junior miner Alufer, which plans to list on London’s Alternative Investment Market in mid-May.
"The fundamentals are exceptionally strong for bauxite. Our
listing in London – and we are the first pure bauxite
company –is only the start of many more to come," said
Adonis Pouroulis, the executive director and founder of Alufer,
which has bauxite assets in Guinea. Pouroulis sees Guinea
bauxite prices of about $35 per tonne, while alumina from
Guinea would cost about $400 per tonne. Therefore, he argued, a
big surge in bauxite prices is inevitable. "Today [bauxite] is
a standalone commodity. We see pure iron ore producers in the
market, selling iron ore and maximising the value from the
commodity. Bauxite is the new iron ore," Pouroulis said. Alufer
has 3 billion tonnes of bauxite resources in Guinea, and
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Euromoney Institutional Investor PLC.
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